Investors are, by necessity, experts at taking calculated risks. They scan the horizon of our ever-evolving world for new and sometimes unexpected economic challenges so that they can put their money where it’s most likely to grow. Today, financial institutions are facing one economic challenge that will fundamentally change the way we do business—climate change.
Climate change is a risk that, while significant, is oftentimes misunderstood by the financial community. A warmer world introduces new, complex and interwoven layers of risks ranging from physical, financial, regulatory and reputational. So WRI and the UNEP Finance Initiative (UNEP FI) worked with more than 150 participants from the financial sector to create the Carbon Asset Risk Discussion Framework, a tool to help financial institutions undertake the difficult task of identifying and understanding climate-related risks to their portfolios.
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Climate Diplomacy Week is a perfect opportunity to highlight positive climate action, set new goals and engage more and new actors in the fight against the devastating impacts of climate change. Each year, the week has its own character. Climate Diplomacy Week 2018, from 24-30 September, was marked by action – throughout the world, civil society participated in inspiring educational activities and engaged the wider public in the climate cause.
In a move that underscored Donald Trump’s isolation on trade and climate change, the two major economies inserted a reference to the Paris Agreement into Ceta.
Fourteen Latin American and Caribbean countries made history at the UN General Assembly on September 27 by signing the Escazú Agreement, a regional accord on public participation and access to information and justice in environmental affairs. It is the first region-wide agreement of its kind and has been touted a big step forward in recognising the rights of environmental defenders. Signatories now need to ratify the Agreement internally before it can enter into force.
Though India is now pushing for BIMSTEC, geography dictates that it cannot ignore SAARC. South Asia is extremely vulnerable to a range of climate impacts, ranging from shrinking glaciers and water scarcity to floods and rising sea levels. Responding to these risks is a complex task, also because often impacts affect more than one country and their severity exceeds the capacity of national governments. Climate change creates new challenges for regional organisations, and simultaneously increases their relevance.